The Tricky Technicals Ahead of Wynn Resort’s Plunge

One of the great features of options trading is the protection it offers against large absolute losses from surprise gaps in price from the underlying stock. That protection came in handy when casino and hotel company Wynn Resorts, Limited (WYNN) gapped down following news of a fresh regulatory crackdown in Macau, China. WYNN gapped down … Read more

Apple’s Big Loss Is the Stock Market’s Loss – The Market Breadth

Stock Market Commentary The weight of deteriorating market breadth was undermining the stock market even as on-going rotations kept the indices floating higher. Last week, the tone made one of those periodic, yet still small, shifts. When news broke that Epic Games won a key provision of its lawsuit against Apple and its Apple Store, … Read more

A Fresh Spark for Industrials And Little Else – The Market Breadth (August 13, 2021)

Stock Market Commentary The upward drift in the stock market continued another week. The latest narrative comes from the cascading impact of the infrastructure bill settled in the Senate (I feel like the U.S. has passed this bill 10 times already!). While more wrangling lies ahead in the House of Representatives, the stock market felt … Read more

Chart Review: WYNN Follows Through On Breakdown

In my T2108 Update on October 5, I asked whether the last bear market would really last just one day (so far, so good!). In that post, I noted that Wynn Resorts Limited (WYNN) had suffered an important breakdown and concluded: “This breakdown swiftly moves WYNN from the bullish camp into the bearish camp. On … Read more

As WYNN tumbles from consolidation pattern, strangle trade remains flatlined

Schaeffer’s Investment Research is reporting today that the Macau IPO for Wynn Resorts, Limited (WYNN) has been meet with heavy put buying the past two days. October 65 puts were popular yesterday and the bearish trading has extended to the 60 strike today. The option strangle trade I outlined last week on WYNN uses the … Read more